Gil, I think bill is refering to the drift pin being hard not the TIG filler wire. I would never use anything but a mild steel filler wire to weld a spot like that. I have never welded any barrel with anything but. If I were going to fill that spot I would rather not do any hammering or dressing prior to the weld. That raised dent will help keep the weld from flowing towards the engraving. I would start from the breach face and let that lump catch the over flow of the puddle. You would have to be on and off that weld real fast not to nick the engraving. If welding is attempted you have to be prepared for the possibility that you will be repairing the engraving as it is a delicate weld repair.
Bill G.